New York: Prime Minister Muhammad Shehbaz Sharif met with Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), on the sidelines of the United Nations General Assembly. The leaders discussed the successful negotiation of a $7 billion Extended Fund Facility, Pakistan’s ongoing economic reforms, and the need for enhanced climate change adaptation financing.

According to Press Information Department, the meeting highlighted the recent Staff Level Agreement between Pakistan and the IMF, establishing a 37-month, $7 billion Extended Fund Facility aimed at supporting the country’s economic stability. Prime Minister Sharif expressed his gratitude for the IMF’s technical assistance and capacity-building efforts which have significantly contributed to strengthening Pakistan’s economic institutions and management.

The IMF Managing Director, Ms. Georgieva, acknowledged Pakistan’s efforts in implementing structural reforms and promoting private sector development, which are crucial for sustainable growth. She reiterated the IMF’s support for Pakistan’s commitment to maintaining macroeconomic stability.

The discussion also covered the critical issue of climate change, with both leaders recognizing the urgent need to mobilize adaptation financing. Prime Minister Sharif confirmed that Pakistan’s Finance Minister would discuss this matter further with senior IMF officials during the upcoming Annual Meetings in October.

The meeting concluded with a mutual agreement to continue strengthening the cooperation between Pakistan and the IMF to promote economic stability and growth in the region.